S&P Downgrades Italy

Credit ratings agency Standard & Poor's downgraded Italy's debt one notch late on Monday. The Italian government is furious this morning at S&P's decision to lower the rating from A+ to A. S&P defended its decision, citing Italy's weak economic growth and high levels of government debt. The agency also expressed doubts over the government of Prime Minister Silvio Berlusconi and Parliament's ability to manage the growing crisis.

David Willey, Rome correspondent for the BBC, and Paolo Guzzanti, author and member of Italian Parliament, react to the downgrade.